Scandinavia

The Company owned land plot located at Leninskoye Settlement, “Pervomaiskoye Selskoye Poseleniye”, Vyborgsky District, in the Leningrad Region near St. Petersburg, Russia, with a total area of 103 hectares.

As the Company considers these land plots as non-core asset, in 2014 the Company’s Board of Directors approved the decision to sell Scandinavia land plots. Part of land plots with a total area of 48 hectares, were sold during 2014. Due to the currect situation in the Russian land market, the sale of the remaining part of 55 hectares takes longer time than initially planned.

The land borders the Sestra River, and is appropriately zoned for development as, for example, a large residential development.